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Malini Bhupta
Have a complaint against your bank? Here’s how RBI plans to resolve your grievances
The Reserve Bank of India (RBI) committee on customer service standards has proposed numerous recommendations to improve the quality of customer service and grievance redressal mechanisms, including creating a common complaints portal, compensating customers for the loss of original home agreements and offering senior citizens a dedicated phone line for their queries. The committee's report suggests regulating entities, such as banks, should maintain a centralised database of Know Your Customer (KYC) documents of all customers to avoid duplication. The RBI may adopt a carrot and stick approach to ensure better service standards.
BI India Bureau
Bank holidays in June 2023 - Kabir Jayanti, Bakrid in the list
Financial planning is a crucially important activity for individuals, businesses and other entities. During June, people and businesses may start implementing their plans for the fiscal year ahead. After consolidating the accounts after the close of the financial year in March, many things would be falling in place during the month of June. Therefore, many people and businesses might need to plan for their investments, loans and other requirements and approach banks accordingly.
Rounak Jain
SBI vs Bank of Baroda vs Canara Bank: How India’s top PSU banks performed in Q4
Indian PSU banks have yet again delivered another stellar quarter of earnings in the fourth quarter, with asset quality improvements. India’s largest lender State Bank of India posted its third consecutive quarter of all-time high net profit, while other major PSU banks like Bank of Baroda and Canara Bank also delivered an improvement in their performance.
Rounak Jain
SBI Q4 results: India’s largest lender posts record quarterly net profit of ₹16,695 crore, up 83% YoY
State Bank of India (SBI) on Thursday posted its highest-ever standalone quarterly net profit of ₹16,695 crore in Q4, registering a growth of 83% on year and beating analyst estimates. Asset quality improvements and a fall in provisions helped India’s largest lender post a record profit. For FY23, SBI’s net profit grew 59% to ₹50,232 crore.
War rooms and bailouts: How banks and the Fed are preparing for a US default
Convening war rooms, planning speedy bailouts and raising house-on-fire alarm bells: Those are a few of the ways the biggest banks and financial regulators are preparing for a potential default on US debt. "You hope it doesn't happen, but hope is not a strategy - so you prepare for it," Brian Moynihan, CEO of Bank of America, the nation's second-biggest lender, said in a television interview.
Bank of Baroda Q4 profit jumps over 2-fold to ₹4,775 crore
State-owned Bank of Baroda (BoB) on Tuesday reported over 2-fold jump in its March quarter net profit at Rs 4,775.33 crore on account of higher interest income and low provisions for bad loans. The bank's net profit in January-March 2021-22 was Rs 1,778.77 crore on a standalone basis. Interest income increased to Rs 25,857 crore in fourth quarter of 2022-23 from Rs 18,174 crore in the year-ago period, the bank said in a stock exchange filing.
Rounak Jain
India, China amongst top gold buyers in March quarter as central banks hoard yellow metal
India emerged as one of the top five buyers of gold in the March quarter. It joins other Asian countries like Singapore and ...
Rise in premium amount for life insurance biggest concern for consumers: Hansa Research
The rise in premium amount for life insurance is the biggest concern for consumers, and affordability has become a more pressing issue, according to a survey released on Tuesday.
Canara Bank consolidated net profit jumps 74% to ₹3,337 crore in March quarter
State-owned Canara Bank on Monday reported a 74 per cent jump in March quarter consolidated net profit to Rs 3,336.51 crore, helped by higher core income and lower provisions. The Bengaluru-based lender had reported a net profit of Rs 1,918.80 crore in the year-ago period.
Rounak Jain
Raghuram Rajan speaks out on zombie companies, a simmering real estate time bomb & more
Former Reserve Bank of India governor Raghuram Rajan who is now a professor at University of Chicago’s Booth School of Busin...
Rounak Jain
HDFC Bank, HDFC market capitalisation falls nearly ₹88,000 crore after MSCI tweak
India’s financial services giants HDFC Bank and HDFC witnessed a selloff on Friday, with each of their stocks falling by over 6% leading to a decline of ₹87,945 crore in their combined market capitalisation. This is after index provider MSCI announced a tweak that will result in the weightage of the merged entity remaining the same, likely leading to outflows of up to $200 million.
Ajay Banga as World Bank President adds to success stories of the Indian Americans: USISPF
Ajay Banga has been confirmed as the World Bank President, becoming the first-ever Indian-American to take on the role. He will begin his tenure on June 2, succeeding current President David Malpass. Mukesh Aghi, President of US India Strategic and Partnership Forum, congratulated Banga, stating that his leadership will be crucial in addressing urgent issues such as tackling climate change, achieving financial inclusion, gender equality, and bridging the gap between developed and emerging markets.
After US bank failures, agencies directed to analyse deposit insurance mechanism
Following the failures of a few US banks, Federal Deposit Insurance Corporation (FDIC) Chairman Martin J Gruenberg directed the relevant agencies to conduct an analysis of the current deposit insurance framework and identify reform options as well as additional tools that can be used to maximize the efficiency of the system.
BI India Bureau
Bank holidays in May 2023
It is good to keep track of bank holidays to plan your banking activities and personal finances in the month of May. The digital revolution has helped grow online banking, and banks are seeing fewer customers walking-in, due to the proliferation of ATMs, online digital transactions and banking functions. However, some important and high volume transactions are reserved for banking hours. There may also be several reasons for you to visit banks in the month of May.
Bhakti Makwana
Axis Bank shares under pressure after Q4 net loss; analysts upbeat on the lender
The lender reported a loss of ₹5,728 crore for the March quarter as against a net profit of ₹4,118 crore a year ago. During ...
Bhakti Makwana
NBFC giant Bajaj Finance reports 30% jump in Q4 net profit to ₹3,158 crore; books record new loans in FY23
Net interest income for Q4 FY23 increased by 28% to ₹7,771 crore from ₹6,061 crore in Q4 FY22. Adding to it, the number of n...
Rounak Jain
IndusInd Bank likely candidate for rerating after Q4 profit surge of 46%
IndusInd Bank’s shares surged on Tuesday after the private sector lender reported a robust set of numbers in Q4, with its net profit rising 46% YoY to ₹2,043 crore, driven by lower provisions. Thanks to a robust Q4 performance, in conjunction with good asset quality and the lender’s focus on governance and growth, analysts say the bank is ripe for a re-rating.
Rounak Jain
ICICI Bank vs HDFC Bank: How India’s top two private lenders have performed in Q4
India’s largest private lenders ICICI Bank and HDFC Bank have both declared their March quarter and FY23 results, reporting robust loan growth and asset quality improvements. While HDFC Bank is the larger of the two lenders, ICICI Bank is continuing on its trajectory of closing the gap with its larger peer.
Bank of Maharashtra Q4 profit more than doubles to ₹840 crore
State-owned Bank of Maharashtra (BoM) on Monday reported a more than two-fold jump in its net profit to ₹840 crore for the March quarter, helped by a decline in bad loans and a rise in interest income.
Anagh Pal
Premiums for private life insurance players go up 35% YoY in March, industry premium suffers a decline
In March, the private life insurance industry recorded a significant increase in premiums, growing at a rate of 35% Y-o-Y and 20% FY 2022-23. During the month of March, HDFC Life, Max Life, ICICI Prudential, and SBI Life saw significant growth in their first-year premiums, with increases of 83.45%, 42.59%, 30.78%, and 23.15%, respectively, according to data release by the Life Insurance Council.
Allow foreign currency transactions in country via RBI: Consultants & service providers urge govt
Consultants and service providers in the country have urged the government to stop routing domestic foreign currency deals via the US banking system, in order to avoid transaction fees and save foreign currency.
Bhakti Makwana
Yes Bank stock slips 5% as high provisions drag down its Q4 net profit
Yes Bank’s net profit slipped 45% to ₹202 crore in March quarter of FY23. Provisions made against the bad loans rose more th...
$68 billion withdrawn from Credit Suisse before collapse
Collapsed banking giant Credit Suisse says 61.2 billion Swiss francs ($68.6 billion) left the bank in the first three months of the year.
Rounak Jain
Yes Bank has more shareholders than debit cards as retail investors continue to buy in
Yes Bank has more shareholders than active debit cards, according to the latest data reported by the company. The private sector lender’s latest shareholding data shows that its public shareholder base stood at 50.57 lakh at the end of the March quarter, up from 48.13 lakh in December. On the other hand, the lender’s total debit cards outstanding stood at 44.26 lakh at the end of March this year. Essentially, its shareholders outnumber debit cards by 6.31 lakh.
Rounak Jain
HDFC-HDFC Bank merger to bring foreign inflows of up to $3 billion
India’s largest private-sector lender HDFC Bank and largest housing finance company HDFC are all set to merge by July this year – and that is likely to result in foreign portfolio investors (FPI) inflows of up to $3 billion. According to the shareholding data at the end of the March 2023 quarter, the foreign shareholding in HDFC and HDFC Bank on a merged basis stood at 60.9%, slightly down from the 61.1% holding at the end of the December quarter.
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OpenAI CEO Sam Altman is privately reassuring developers using the company's tech that it won't compete with them beyond ChatGPT
Media mogul Martha Stewart isn't a fan of remote work: 'You can't possibly get everything done working three days a week in the office and two days remotely'
My twin and I were in separate classrooms in school. Our joint math lesson made me realize how silly that was.
RBI allows banks to issue RuPay prepaid forex cards
RBI allows banks to issue RuPay prepaid forex cards
IMD declares monsoon onset over Kerala